Eric Mendelsohn hedshot
NHI President and CEO Eric Mendelsohn

Murfreesboro, TN-based National Health Investors in May completed the sale of seven assisted living communities, the real estate investment trust said Monday in a business update.

Since April 2021, NHI has completed dispositions totaling approximately $327.7 million, including approximately $279.4 million for 30 senior living communities deemed to be underperforming, the company said.

Last month, the company sold three assisted living communities in Kansas and Illinois that formerly were operated by Bickford Senior Living. Gross proceeds were approximately $26.4 million. Additionally, four assisted living communities in Michigan were sold for gross proceeds of $40 million.

Average monthly occupancy at the 38 Bickford properties in NHI’s portfolio was 82.6% in May, up from the 82% seen in both March and April, the REIT said. In the Senior Living Communities nine-property portfolio, average monthly occupancy was 82.4%, up from 82.3% in April and 81.8% in March. Across the 15 communities in NHI’s senior housing operating portfolio, average monthly occupancy was 76.2% in May, down from 77.2% in April and 76.8% in March.
After announcing in April a repurchase plan for up to $240 million of the REIT’s common stock, NHI has repurchased 751,803 shares to date, at an average price of $57.71, for a total of $43.4 million.